Injective (INJ) has demonstrated significant growth since December 2023 and has recently reached a new peak in its value.
INJ has surged by 15% within the last 24 hours, currently trading at $48.8 as of the time of this writing. The cryptocurrency attained a new all-time high of $52.65 at 01:00 UTC on March 13, accompanied by a total market capitalization of $4.92 billion. This marks the second occasion within the past two weeks that INJ has achieved record-breaking highs amidst the ongoing bullish trend across the market.
According to data provided by Santiment, the number of whale transactions involving at least $100,000 worth of INJ tokens has surged by 90% over the past day, increasing from 56 to 106 unique transactions daily. Such a notable increase in whale activity often correlates with heightened price volatility.
Furthermore, Santiment’s data indicates a consistent decline in Injective’s exchange flow balance since March 9. Investors have transferred over 134,000 INJ tokens, valued at $6.6 million, from cryptocurrency exchanges to their self-custodial wallets within the past 24 hours. This accumulation suggests a preference among some investors for long-term holdings over short-term gains.
Meanwhile, INJ’s Relative Strength Index (RSI) has experienced a 7% increase within the past 24 hours, rising from 61 to 65. While this indicates a slight overheating of the market, an RSI below 60 typically signals a bullish momentum.